(Filed Under Financial and General Interest News). Sales in 2015 at the U.S. Rigby & Peller stores (formerly this was the Intimacy chain) fell by “9.7% (9.8% on a like-for-like basis)” as measured in dollars, according to parent company Van de Velde. “Due to the strengthening of the American dollar against the euro the retail turnover in euro was up 8.1%.”

Meanwhile, annual sales for Belgium-based Van de Velde as a whole rose 5.7%, from 198.4 million euros in 2014 (about $215.4 million at today’s exchange rates) to 209.0 million euros (about $226.0 million) in 2015. The company noted that “Growth has continued in all areas: lingerie, beachwear and stayers.”

“In Europe retail turnover rose on a like-for-like basis by 5.8%, thanks to a like-for-like growth in Germany (7.1%) and the Netherlands (5.7%).”

Complete financial results for the company will be released February 24.

Last September the Intimacy stores were “re-branded as Rigby & Peller,” as the move was described by the company, and during the year the number of stores was reduced to a net 14. At one point in the past, the number of Intimacy stores in the U.S. had approached 20.

Van de Velde, which owns both lingerie stores in Europe and major brands, including Rigby & Peller, PrimaDonna and Marie Jo, has revealed in its financial reporting that sales had been declining for years at Intimacy and finally reached a point at the end of 2014 where the division was actually losing money. “At Intimacy we cannot allow the cash drain experienced in 2014 to continue,” said Lucas Laureys, chairman of the board, in a statement that opened the latest annual report.

Rigby & Peller launched in London in 1939 and had seven stores in the UK when Van de Velde acquired an 87% stake in 2011. The Belgian company quickly and profitably expanded the chain. On its website the company stated last year there were 41 boutiques including nine in London as well as locations in Germany, Spain, Denmark, Hong Kong and China.

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Published 01-11-2016 by Nick Monjo